People want to live downtown, but they want to rent

What is affordable? What is not? It’s a relative thing when talking about downtown living. You know, there are various prices ranges in downtown apartments buildings, which are determined by amenities, location, etc. But one thing downtown apartments have in common is that they are in high demand.

People want to live downtown, which is why I cringe when people say how the city is trying to entice people to live here. The city really doesn’t need to entice anybody. Just build new places to live — apartment buildings — and they will fill on their own. I realize this is easier said than done, but that is the reality. At 1221 Broadway, more the 25 percent of units had been pre-leased before the first resident moved in.

“The rental market has been extremely robust in the last 60 to 90 days,” said Debra Maltz, a broker and agent with Kuper Sotheby’s International Realty, who specializes in downtown.

And so it’s really not surprising that adversely downtown’s condo market is stagnant, which was outlined in a story in today’s Express-News business section. A crappy economy and tight lending practices, and you can see why mortgages are hard to come by.

Which is why I find rumored plans for a condo development near Southtown alarming. It’s on the land currently occupied by Univision affiliate KWEX at César E. Chávez Boulevard and South St. Mary’s Street. Speaking with the broker involved, Univision and a potential buyer are in talks, but it may be a few months before the deal is done. Still, it’s something to keep an eye on. Read more about that potential deal here.